U.S. Trade Rep Dismisses WTO's Future Role After Failed Cameroon Summit 
China Manufacturing PMI Hits 12-Month High Amid Energy Price Concerns 
Canada's Economy Grows Modestly in January 2025, Driven by Energy and Construction 
Oil Prices Hold Near Multi-Year Highs Amid Iran Conflict and Hormuz Supply Fears 
Asian Currencies Hold Steady Amid U.S.-Israel-Iran Tensions and BOJ Signals 
Gold Prices Rebound But Head for Worst Month Since 2008 Amid Iran War Uncertainty 
Oil Prices Climb as Middle East Conflict Keeps Supply Risks Elevated 
South Korea's Exports Hit Record High in March on AI-Driven Chip Demand 
Oil Prices Surge to Record Monthly Highs as Middle East War Rattles Global Markets 
Japan's Business Confidence Rises Despite Iran War Uncertainty, BOJ Rate Hike Expected 
Goldman Sachs Sees Value in European Real Estate Stocks Despite Sharp Selloff 
Bank of Korea Nominee Shin Hyun-song Calls for Flexible Monetary Policy Amid Iran War Risks 
Iran Strikes Oil Tanker Near Dubai Amid U.S. Threats and Ongoing Middle East Conflict 
Asian Stocks Surge on Trump's Iran War Comments and Dip-Buying 
U.S. Stock Futures Surge After WSJ Report on Trump's Iran War Exit Strategy 
South Korea's $17.3 Billion Emergency Budget Targets Oil Price Surge 
Bessent: Global Oil Market Well Supplied as U.S. Eyes Hormuz Navigation Control 
Oil Prices Bounce Back as Middle East Concerns and U.S. Elections Loom
Oil prices saw an uptick in early Asian trade on Tuesday after significant losses on Monday due to eased concerns over an escalating Middle East conflict. Brent crude futures for December gained 0.7% to reach $71.94 per barrel, while West Texas Intermediate crude futures similarly rose 0.7%, hitting $67.87 per barrel at 00:17 GMT.
The recent downturn followed an Israeli strike over the weekend, which notably avoided Iranian oil and nuclear assets. This limited fear of a severe escalation in regional conflict and led traders to reduce the previously high-risk premium in oil prices.
Middle East Tensions and Retaliation Threats
Despite Monday's market reaction, tension in the Middle East remains high. After Israel’s retaliatory strike in response to Iran’s October attack, Tehran threatened potential retaliation, keeping supply risk alive. Israel has signaled no intent to ease military actions against groups like Hamas and Hezbollah, reducing prospects for a truce.
Upcoming U.S. Election and Economic Data Impact
Market sentiment remains volatile ahead of the upcoming U.S. presidential election, with traders closely monitoring the race between Donald Trump and Kamala Harris. A potential Trump victory is expected to lead to inflationary policies, which could impact global oil markets.
Adding to the uncertainty, upcoming economic indicators from China and the U.S. – including the Purchasing Managers Index (PMI), U.S. GDP, and the PCE Price Index – will provide further insight into oil demand trends.
